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Markets Watch, Warily, for a Small Bump in Inflation

Main Price Gauges Are Hovering Near Historic Lows and Are Poised to Drift Upward

The next small steps up in inflation could set off big tremors in financial markets. The consumer-price index and the personal consumption expenditures price index are hovering near the lowest levels ever seen outside of recessions. Josh Zumbrun reports. Photo: Getty.

The next small steps up in inflation could set off big tremors in financial markets.

The two main U.S. inflation gauges, the Labor Department's consumer-price index and the Commerce Department's personal consumption expenditures price index, are hovering near the lowest levels ever seen outside of recessions.